SuperStream - YOU MUST ACTION NOW!

SuperStream - YOU MUST ACTION NOW!

 

Time is ticking with not much time left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.

What is SuperStream?

SuperStream is a standard for processing superannuation data and payments electronically. It must be used by all employers. SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

This means:

  • employers can make all their contributions in a single transaction, even if they're going to multiple super funds (SAVES TIME!)
  • contributions and rollovers can be processed faster, more efficiently and with fewer errors
  • people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.

It takes a little time to set up and you will reduce your time spent each quarter! Some say a 70% reduction in the time they spend on super. If you haven't done so already your options to get ready include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATOs free Small business superannuation clearing house).

An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 April. This gives you time to check that things are running smoothly before the deadline.

Use the ATO’s Employer checklist for a step-by-step guide which explains on all you need to do.

https://www.ato.gov.au/Super/Superstream/Employers/Employer-checklist--a-step-by-step-guide/?sbn

If you are using Xero it is ‘super’ easy to set-up. Please feel free to call us 03 59117000, we can assist!

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Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.

 

Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Imagine $2,000 extra in your employee's pocket for no extra cost to you just some admin upfront? want to learn how?
We will also cover employment matters such as contracts, Fairwork Australia and the latest developments.